Metech International (SGX:V3M) has not credited placement shares to subscriber Ma Ong Kee as the allotment could result in transfer of controlling interest, according to a Thursday filing with the Singapore Exchange.

Shares of the supply chain company were up nearly 5% in Friday trading.

The shares have not been listed and quoted, with the company stating that it does not affect the validity of subscription agreements, business operations or the parties' intention to complete the placement.

Meanwhile, the company is working with Raffles Capital to complete part or all of its subscription portion by July 31, which will allow the placement to Ma to proceed without shareholder approval.

In case the Raffles placement does not go through, the company will take necessary steps to comply with Catalist rules.